Dubai, UAE: The Dubai Financial Services Authority (DFSA), along with the UAE Accountants & Auditors Association (AAA) and the International Ethics Standards Board for Accountants (IESBA) hosted a Middle East webinar on non-assurance services (NAS) and fee-related revisions to the IESBA Code.
“The recently released NAS and fee-related revisions to the IESBA Code represent a major advance in the public interest by establishing an even higher bar for standards of independence required of auditors globally, especially in relation to audits of public interest entities,” said Dr. Stavros Thomadakis, Chairman of the IESBA. “I applaud the DFSA, the AAA, and their leadership for hosting an important and timely webinar on these critically important final pronouncements.”
In his welcome address, F. Christopher Calabia, Chief Executive of the DFSA, highlighted the growth of the Dubai International Financial Centre (DIFC) amid challenging times and the importance of ethics. “Maintaining the highest ethical standards is a core value of the DFSA and is fundamental to ensure the integrity of financial and ancillary services in or from the DIFC. Auditors play an integral role and these revisions to the IESBA Code will strengthen independence requirements for auditors.”
IESBA Deputy Chair Caroline Lee and Technical Advisor David G. Clark presented revisions to the NAS and fee-related provisions of the IESBA Code which significantly strengthen the guardrails around auditor independence.
“I am very pleased that AAA has partnered with the IESBA and DFSA to bring this important webinar to the UAE and the Middle East. NAS and fee-related provisions are significant amendments to the IESBA Code which all professional accountants must comply with. AAA will continue to play its vital role as the UAE’s national accountancy body,” said His Excellency Riyad Al Mubarak, Honorary President of AAA.
More than 200 professional accountants from 28 countries attended the event. Considering the safety and wellbeing of all participants, this event was hosted virtually.
For further information please contact:
Dubai Financial Services Authority
Level 13, The Gate, West Wing
Tel: +971 (0)4 362 1613
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose built financial free zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, money services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, crowdfunding platforms, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for administering Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislation that applies in the DIFC. Please refer to the DFSA's website at: http://www.dfsa.ae for more information.
- Christopher Calabia was appointed Chief Executive of the DFSA on 1 October 2021. He joins the DFSA with nearly 30 years of experience focusing on supervision and regulation, including serving for over two decades at the Federal Reserve Bank of New York and two years as a member of the independent Secretariat at the Basel Committee on Banking Supervision in Switzerland. As Chief Executive, Chris leads the DFSA’s development as an innovative, future-focused regulator providing world-class financial services regulation in the DIFC. Chris steers the work of the DFSA across four key themes of Delivery, Engagement, Innovation and Sustainability.
The International Ethics Standards Board for Accountants (IESBA) is an independent standard-setting board that develops, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide, including auditor independence requirements. This includes the International Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The board also supports adoption and implementation, promotes good ethical practices globally, and fosters international debate on ethical issues faced by accountants.
The UAE Accountants & Auditors Association (AAA) is a not-for-profit organisation and has undertaken key strategic initiatives to develop the Accounting and Finance profession in the United Arab Emirates. The Association was established in 1997 through a Federal mandate with the key objective of building national capacity of the accountancy and finance profession in line with the best available global practices and standards.
© Press Release 2021